Builders Insurance

Tailored Business Insurance For Builders

Whether someone needs a new office building or wants to build their dream home, you know how to get the job done. But being a builder comes with a lot of risks and regulations - and without the best insurance coverage, you could be leaving your business vulnerable.

That’s where we come in.

At Simply Business, we understand the challenges that come along with being a builder. That’s why we take the time to understand your business, so we can find you the exact policy that leaves you covered and protected.

That way, you can focus on what really matters: building your business!

What Insurance Coverage Do Builders Need?

Whether you specialize in commercial building or provide residential remodeling services, you’re probably spending a lot of time on clients’ properties. That means you’re dealing with plenty of risks and regulations, which can open you up to damages, accidents, and even lawsuits. From accidental property damage to the potential for client injury, there’s a lot that can go wrong.

Luckily, builders insurance can keep you protected!

Although they vary based on where you’re located, builders insurance requirements usually involve:

Builders Liability Insurance

Think of builders liability insurance as the foundation of your protection. Builders liability insurance can cover you in a variety of cases, like if you accidentally damage a client’s property or a passerby ends up getting hurt because of falling debris on the worksite.

Builders insurance can even protect your business from claims of reputational damage, like if an employee slanders a client on Facebook (really!).

Here are a few more examples of where builders liability insurance (also known as commercial general liability or general liability insurance) can come in handy:

Accidents: Accidents happen on worksites, which is why builders need to be protected. For example, if improperly installed siding ends up falling off and injuring a pedestrian on the sidewalk, general liability insurance can cover their medical and legal costs.

Property Damage: If your employee accidentally reverses a forklift into a building (it can happen), your business could be on the hook for property damage. Fortunately, your builders liability insurance can cover the cost of replacing the damaged property.

Lawsuits: As a builder, there’s a chance you could get sued for violating a regulation or if a client feels as though you harmed their reputation somehow. Sometimes these claims happen - and when they do, you’ll want your builders liability insurance to protect you. Your policy can pay out the cost of these legal claims, up to your maximum policy allowance.

Workers Compensation Insurance For Builders

As soon as you hire your first employee, you’ll need workers compensation insurance. Not only is it required by law, but this policy protects you by covering the legal and medical costs of an employee who was injured on the job.

For example, if you accidentally run over an employee’s foot while operating a forklift, your workers compensation policy can pay for medical bills, as well as the employee’s lost wages. If your employee decides to sue, your policy could cover your legal costs.

Along with general liability, workers compensation insurance should be one of the first policies you buy.